Holiday Retirement Unearths Baby Boomers' Top Concerns About Senior Living

LAKE OSWEGO, OR--(Marketwired - Jan 18, 2016) - Baby boomers account for 76.4 million people in the United States, according to April 2015 data from the U.S. Census Bureau. Making up nearly one-fourth of the U.S. population, this enormous group is currently grappling with one of the most important decisions of their families' lives: whether or not senior living is the right option for their aging loved ones. And this is a decision that is not without some concerns and apprehension.

Although two-thirds of respondents surveyed in a recent national poll of baby boomers said they would likely consider a senior living community for an aging loved one, their four biggest concerns included: a loved one's level of independence at the senior living community; the amount of money saved for retirement communities; the level of attention a loved one would receive; and if a loved one would be lonely at a senior living community.

The survey, which was commissioned by Holiday Retirement, was developed to help the senior living provider better understand baby boomers' concerns about senior living, and to uncover misconceptions this growing population has about retirement communities.

The survey unearthed the following key trends.

Quality of life triggers a senior living move
Today, people are living longer, on average well into their 70s, according to data360.org. And their baby boomer children are seeking more ways to make their parents' later years more enjoyable, safe, and meaningful. In fact, baby boomers' concerns for their aging loved ones' well-being and quality of life topped their lists of reasons to consider senior living options.

• Nearly half (46%) of surveyed baby boomers would consider senior living options if an aging parent or loved one has fallen at home and needs more around-the-clock supervision.
• More than one-third of surveyed baby boomers would look into retirement living if an aging parent or loved one is no longer eating well (39%) or if he/she is unable to keep up with his/her house/yard work (36%).

Boomerang children are not just in their 20s anymore
While the rate of children moving back in with their parents after college may be astounding to some, the survey uncovered that boomerang living may extend well into the baby boomer years as well. In fact, more than one-third of surveyed baby boomers believe they will live with their parents again.

• One in 4 surveyed baby boomers believe their aging parent or relative will move in with them in their home.
• One in 5 surveyed baby boomers believe they will move into their aging parent or relative's home.

While a considerable number of baby boomers may consider helping an aging parent or loved one age in place, this may not be the best option for every senior. An e-book from Holiday Retirement outlines seven unexpected financial benefits to living in a retirement community.

The sandwich generation bears the brunt of concerns
Survey findings revealed that baby boomers who expressed a high level of concern about senior living options more often than not reported having children under the age of 13 in the household. These sandwich generation adults have responsibilities that are two-fold: caring for their young children and caring for their aging parents. When faced with the stress of these double-edged responsibilities, concerns regarding senior living compound.

Gender gaps yield more than concerns about senior living
Women are typically the healthcare decision makers in their families. So it is no surprise that women were more concerned than men in regards to moving an aging loved one into a senior living community. The issue, however, is that siblings of both genders are usually involved when considering a move to senior living, underscoring the importance for adult siblings to understand one another's concerns about senior living to minimize conflict.

• Nearly one-third of female survey respondents, compared to one-fifth of male respondents, were very concerned an aging parent or relative will not get the same level of attention as he/she does at home.
• More than 1 in 4 female survey respondents were very concerned their aging parent or relative does not have enough money saved. Less than 1 in 5 of their male counterparts were equally as concerned.
• One-fourth of female survey respondents were very concerned they would feel guilty about the move, while only one-tenth of male survey respondents shared the same level of concern.

Baby boomers' concerns rooted in misperceptions
Of baby boomers surveyed, 70 percent expressed some level of concern that their senior loved one's independence would be in jeopardy at a retirement community. However, for many senior living communities, the reality lay in the name. Independent senior living communities offer seniors independence and stress-free living options that eliminate the hassles of cooking and home maintenance.

"When adult children consider a move for a parent or loved one, there are bound to be concerns," said Jamison Gosselin, senior vice president of marketing, communications, and resident enrichment for Holiday Retirement. "However, it is important for these decision makers to remember that this is an emotional decision, and that through acknowledging and researching the realities of their concerns, they can address the reasons for those fears and make the best choice with an aging loved one."

Holiday Retirement has developed a free resource, "Overcoming misconceptions: 7 concerns about senior living to erase from your mind," to help individuals understand the realities of their concerns and provide actionable steps to address them.

Learn more about overcoming misperceptions and finding the truth about senior living at holidaytouch.com/myths.

About the survey
Holiday Retirement commissioned a survey of American Baby Boomers to gain an understanding of concerns, attitudes and misperceptions about senior living. The research was conducted by ORC International, a collaborative and consultative research partner to hundreds of organizations around the globe. The survey was live September 9-13, 2015, and conducted among a sample of 1,000 adults between the ages of 50 and 69. Respondents for this survey were selected from among those who have volunteered to participate in online surveys and polls.

About Holiday Retirement
Since 1971, Holiday Retirement has endeavored to provide its signature "Holiday Touch" to residents and their families. Today, Holiday is a trusted name in senior living and provides security, comfort, and value to independent seniors seeking a fulfilling lifestyle. Holiday operates more than 300 retirement communities, making it the second largest senior housing operator in the United States. For more information about Holiday Retirement, please call 800-322-0999 or visit www.holidaytouch.com.